Saudi Government funds acquire stake in ACWA Power
Two Saudi government-owned funds purchase a 19.4 percent equity stake in ACWA Power International.
January 13, 2013
Sanabil and Saudi Public Pension Agency (PPA) have purchased a 19.4 percent stake in Saudi water and power project developer ACWA Power International.
Sanabil, which is owned by the Saudi Public Investment Fund (PIF) has bought 13.72 percent of the developer. The Saudi Public Pension Agency (PPA) took a 5.71 percent stake. The price paid for the 89.5 million shares has not been disclosed.
ACWA Power was formed in 2004 to bid for Saudi power projects. ACWA Power has contracted gross production capacity of 13,000 megawatts (MW) of power and 2.37 million cubic metres a day of desalinated water, with an investment value in excess of $17 billion.